Wednesday, February 2, 2011

Brief company history

A major American corporation. As a top company in the retail industry Macy's specialize as a chain of mid-range American department stores with products including clothing, footwear, bedding, furniture, jewelry, beauty products and house wares.

No one would have guessed that the small, fancy dry goods store that opened on the corner of 14th Street and 6th Avenue in New York city in 1858 would grow to be the one of the largest department store in the world. At the age of 36 Mr. Rowland Hussey Macy's determination and ingenuity paid off. He adopted a red star as his symbol of success, dating back to his days as a sailor. First-day sales totaled 11.06$ but by the end of the first full year , sales grossed almost 90,000$. By 1877 R.H Macy & Co had become a full fledged department store occupying the ground space of 11 adjacent buildings.

Macy's is known for several firsts that changed the retail industry. Macy's was the first retailer to promote a women to an executive position, making business history.Macy's was the first to introduce such products as the tea bag, the Idaho baked potato and colored bath towels. Macy's also was the first retailer to hold a New York City liquor license.

In 1922 the company went public and began to open regional stores and take over competing retailers.

The famous Macy's annual Thanksgiving Day parade started as a Christmas parade in 1924 which was organized by Macy's immigrant employees.

During the years of the great depression and world war two, the corporation showed resilience and flexibility. It adapted to the times by implementing innovative retail firsts such as "pay when you can" credit policies.

In its modern era Macy's is continuing to grow and purchase other retail stores. They are staying up to date and are initiating efforts to protect the environment by working with sustainable products and reaching their customers in new ways by launching social media programs. 

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